Moo Deng now has her own crypto, because of course she does

new York
CNN
—

What do you get when you combine lower interest rates and a viral baby pygmy hippo?

Moo Deng crypto.

Given the sudden popularity of Moo Deng, the Thai national treasure whose name roughly translates to “jumping pork,” it was only a matter of time before someone turned her into a digital asset. And given the nature of such memecoins, which have no underlying value and are traded solely based on vibes, it is no surprise that Moo Deng Coin is up 1,400% since its launch less than three weeks ago.

To put it bluntly, this is an asset that’s about as valuable as Beanie Babies were in the 1990s, although back then you were at least allowed to hold a Beanie Baby in your hand.

Memecoins, as cute as they may be, are not a smart financial play, even if one trader apparently turned an $800 purchase into $3.5 million. (It should be noted that crypto traders suspect this anonymous Moo Deng booster is an “insider” because, according to crypto news site Decrypt, they purchased the coin four hours after it was created. And once that person got their share sold, the coin becomes worthless on paper as it is in reality, as follows.)

The Moo Deng coin is just the latest product of a niche online culture that has also spawned Dogecoin (created as a joke to dip into Bitcoin) and Shiba Inu coin (a joke to dip into Dogecoin). Like any funny internet sensation, memecoins tend to have a short lifespan. They soar as their novelties trigger FOMO among crypto traders, then collapse shortly after as early investors take their profits and head for the exit.

Apparently Moo Deng’s unbearable cuteness is the driving force behind the new coin, which gained 90% in 24 hours on Friday, trading at around 25 cents per coin.

But the Fed’s huge rate cut last week and signs of further rate cuts are This is also driving a general rise in cryptocurrencies, from Moo Dengs to mainstream Bitcoin and Ethereum, as loose monetary policy tends to benefit risky assets like cryptocurrencies.

Bitcoin, the most popular crypto token, is up about 14% in the past week.